$QRHC
Quest Resource Holding Corp

2023 Q4 Form 10-Q Financial Statement

#000095017023063666 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $69.34M $70.43M
YoY Change 11.39% -4.0%
Cost Of Revenue $57.84M $58.00M
YoY Change 12.32% -5.2%
Gross Profit $11.50M $12.43M
YoY Change 6.92% 2.03%
Gross Profit Margin 16.58% 17.65%
Selling, General & Admin $8.822M $9.620M
YoY Change -2.54% 3.08%
% of Gross Profit 76.71% 77.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.463M $150.6K
YoY Change 1.56% -25.21%
% of Gross Profit 21.42% 1.21%
Operating Expenses $11.17M $11.96M
YoY Change -1.93% 1.32%
Operating Profit $326.0K $468.5K
YoY Change -151.06% 24.19%
Interest Expense -$2.322M $2.408M
YoY Change 4.43% 25.95%
% of Operating Profit -712.32% 513.96%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.593M -$1.940M
YoY Change -28.63% 26.38%
Income Tax -$263.5K $111.1K
% Of Pretax Income
Net Earnings -$2.330M -$2.051M
YoY Change -29.98% 21.6%
Net Earnings / Revenue -3.36% -2.91%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.11 -$0.10
COMMON SHARES
Basic Shares Outstanding 20.06M 19.78M
Diluted Shares Outstanding 20.06M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $324.0K $870.2K
YoY Change -96.61% -87.73%
Cash & Equivalents $324.0K $870.2K
Short-Term Investments
Other Short-Term Assets $2.142M $2.746M
YoY Change -7.29% -10.44%
Inventory
Prepaid Expenses
Receivables $58.15M $49.93M
Other Receivables $0.00 $0.00
Total Short-Term Assets $60.61M $53.55M
YoY Change 4.93% -13.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.129M $2.238M
YoY Change -18.85% -13.42%
Goodwill $85.83M $84.26M
YoY Change 1.86% 2.16%
Intangibles $26.05M $27.77M
YoY Change -22.37% -21.96%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $116.5M $116.9M
YoY Change -5.84% -5.77%
TOTAL ASSETS
Total Short-Term Assets $60.61M $53.55M
Total Long-Term Assets $116.5M $116.9M
Total Assets $177.1M $170.4M
YoY Change -2.41% -8.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.60M $37.12M
YoY Change 34.29% 24.21%
Accrued Expenses $2.458M $3.166M
YoY Change -6.69% -14.31%
Deferred Revenue $1.510M $1.817M
YoY Change -44.73% -30.48%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.159M $1.159M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $44.92M $44.57M
YoY Change 18.05% 7.43%
LONG-TERM LIABILITIES
Long-Term Debt $64.64M $56.79M
YoY Change -8.41% -19.24%
Other Long-Term Liabilities $1.275M $1.396M
YoY Change -26.07% -32.89%
Total Long-Term Liabilities $1.275M $1.396M
YoY Change -26.07% -32.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.92M $44.57M
Total Long-Term Liabilities $1.275M $1.396M
Total Liabilities $110.8M $102.8M
YoY Change 0.44% -9.77%
SHAREHOLDERS EQUITY
Retained Earnings -$110.0M -$107.7M
YoY Change 7.1% 8.34%
Common Stock $176.3M $175.4M
YoY Change 1.4% 2.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.28M $67.68M
YoY Change
Total Liabilities & Shareholders Equity $177.1M $170.4M
YoY Change -2.41% -8.5%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.330M -$2.051M
YoY Change -29.98% 21.6%
Depreciation, Depletion And Amortization $2.463M $150.6K
YoY Change 1.56% -25.21%
Cash From Operating Activities -$8.030M $347.8K
YoY Change -505.87% -166.72%
INVESTING ACTIVITIES
Capital Expenditures $639.8K $416.9K
YoY Change 46.7% -176.46%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$639.8K -$416.9K
YoY Change -1076.63% -23.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.124M -2.034M
YoY Change 1807.79% -151.6%
NET CHANGE
Cash From Operating Activities -8.030M 347.8K
Cash From Investing Activities -639.8K -416.9K
Cash From Financing Activities 8.124M -2.034M
Net Change In Cash -546.2K -2.103M
YoY Change -122.12% -173.13%
FREE CASH FLOW
Cash From Operating Activities -$8.030M $347.8K
Capital Expenditures $639.8K $416.9K
Free Cash Flow -$8.670M -$69.06K
YoY Change -662.12% -387.99%

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<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. The Company and Description of Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying condensed consolidated financial statements include the accounts of Quest Resource Holding Corporation (“QRHC”) and its subsidiaries, Quest Resource Management Group, LLC (“Quest”), Landfill Diversion Innovations, LLC (“LDI”), Youchange, Inc. (“Youchange”), Quest Vertigent Corporation (“QVC”), Quest Vertigent One, LLC (“QV One”), Quest Sustainability Services, Inc. (“QSS”), and Sequoia Waste Management Solutions, LLC (“Sequoia”) (collectively, “we,” “us,” or “our company”). The subsidiaries RWS Facility Services, LLC (“RWS”) and Sustainable Solutions Group (“SSG”) were merged into Quest in 2023 and were subsequently dissolved as separate legal entities.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Operations –</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> We are a national provider of waste and recycling services to customers from across multiple industry sectors that are typically larger, multi-location businesses. We create customer-specific programs and perform the related services for the collection, processing, recycling, disposal, and tracking of waste streams and recyclables. In addition, we offer products such as antifreeze and windshield washer fluid and other minor ancillary services. We also provide information and data that tracks and reports the detailed transactional and environmental results of our services and provides actionable data to improve business operations. The data we generate also enables our customers to address their environmental and sustainability goals and responsibilities.</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On February 10, 2022, we acquired an independent environmental services company that primarily services customers in the northeast region of the United States. See Note 3 for more information regarding the acquisition.</span></p>
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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19297636
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.1
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.1
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
68455
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
318157
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
82344
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
318157

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